Antares Resources to build $11 million cat litter processing facility.GREAT NECK, N.Y.--(BUSINESS WIRE)--Aug. 22, 1995--Antares Resources Corp. (NASDAQ/Small Cap:ANTR) Tuesday announced that it has accepted a financing proposal from Heller Financial Inc. to finance $9 million towards construction of an $11 million cat litter processing plant by one of Antares' subsidiaries, Cherokee Sun Corp. Cherokee intends to enter the $541 million cat litter business as an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and supplier. The senior secured construction loan from Heller is subject to completion of the customary formal approvals and regulatory clearances. The proposed plant is to be located on the site of the Medusa Cement Co. in Clinchfield, Ga., adjacent to Medusa's limerock mining operation. Medusa has executed a long-term contract to provide the company with montmorillonite Montmorillonite is a very soft phyllosilicate mineral that typically forms in microscopic crystals, forming a clay. It is named after Montmorillon in France. Montmorillonite, a member of the smectite family, is a 2:1 clay, meaning that it has 2 tetrahedral sheets sandwiching a clay ("fuller's earth fuller's earth, mineral substance characterized by the property of absorbing basic colors and removing them from oils. It is composed mainly of alumina, silica, iron oxides, lime, magnesia, and water, in extremely variable proportions, and is generally classified as "), the raw material for processed cat litter. Construction is planned to begin by year-end, with cat litter production commencing in 1996. The plant is designed to have an annual net capacity of 200,000 tons of cat litter. At the new facility the highly absorbent clay will be dried, crushed, blended and packaged for private label retailing by major brands. Antares Resources Corp. is the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State-based parent company for three diversified Florida and Georgia-based subsidiaries -- Caribbean Breeze International Inc., marketing a new line of sun and skin care products; Empire Energy Inc., providing fuel by-products and waste corrugated cor·ru·gate v. cor·ru·gat·ed, cor·ru·gat·ing, cor·ru·gates v.tr. To shape into folds or parallel and alternating ridges and grooves. v.intr. disposal for the pulp and paper industry The global pulp and paper industry is dominated by North American (United States, Canada), northern European (Finland, Sweden) and East Asian countries (such as Japan). Australasia and Latin America also have significant pulp and paper industries. in Georgia and Florida; and Cherokee Sun Corp. CONTACT: Antares Resources Corp., Great Neck Joan Kushay, 516/466-8116 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion